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John Hancock, Chief Executive Officer, briefly summarized today's developments stating: "Management's strategic review concluded that the Atlas subsidiary was unlikely to provide significant financial contributions or synergies, and that both companies would fare better under separate ownership."
The material terms of the sale of the subsidiary are outlined in Form 8-K filed with the Securities and Exchange Commission ("SEC") yesterday and the material financial impact of the transaction was included in the Company's Quarterly Report on form 10-Q filed on April 14, 2009 with the SEC.
Hancock continued, "We are now pleased to focus our management and financial resources on the significant opportunities in the prepaid card business."
In addition to the announcement today of the Atlas transaction, the Company would like to highlight some of its recent achievements:
-- The completion of a $3 million financing during December 2008 and
January 2009. The funding provided the Company with the capital required
to continue the development of its prepaid card program in South Africa.
-- In addition, during this same time period, we installed a new executive
management team including Raymond Goldsmith as Chairman of the Board of
Directors, John Hancock as Chief Executive Officer and John Watson as
Executive Vice President. The previous CEO, Michael Dodak and President,
David Fann will remain with the Company as consultants and Mr. Fann will
remain on the Board of Directors. During the period January through
March 2009, we also confirmed the position of Victoria Vaksman as
Executive Vice President of Europe, Middle East and Africa.
-- We also invested in our infrastructure in South Africa, putting in place
a back office facility, together with enhanced information technology.
We have signed a five year lease for a new South African operations
center and this will provide ample support for full market
implementation of our prepaid card programs in South Africa and beyond.
As outlined in our recently published quarterly report, management projected that the Company will require up to an additional $500,000 to support our operating expenditures during the next six month period. We are proceeding with our efforts to secure this financing but cannot provide any guarantee that we will successfully close such financing.
In early June, management will update the market on recent progress with its South African card development and its plans for the second half of 2009.
About FNDS3000 Corp: FNDS3000 Corp (OTC Bulletin Board: FDTC | Quote | Chart | News | PowerRating) (Frankfurt: "FT4," A0MWLG) is a financial transaction processing service company. Since its inception, its focus has been on the development and implementation of a variety of prepaid card programs outside the United States, including services to individuals who lack access to conventional banking services. FNDS3000 meets a vital need of companies that have financial dealings with such individuals by offering prepaid cards that can be tailored to the differing requirements of each customer. FNDS3000 intends to provide these services in both developed and underdeveloped nations through a proven U.S. processing platform that has been designed for international and cross border capability. Many of these FNDS3000 products carry worldwide brand marks and can be used anywhere that accepts these brands. Programs that can be supported include payroll, insurance, medical aid, gift cards, prepaid cellular charges and small-scale international transfers of funds.
Forward Looking Statements
Matters discussed in this press release contain forward looking statements as defined under the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risk and uncertainties, which could significantly impact the actual results, performance, or achievements of the Company. Such risks and uncertainties include, but are not limited to, the potential loss of our relationships with each of the parties that sponsor our cards and banks that manufacture, issue, and own the cards; the loss of our service providers; security breaches of our electronic information; the inability to raise sufficient capital to fund its operations; and other risks as may be detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise its forward looking statements even if experience or future events make it clear that any of the projected results expressed or implied herein will not be realized.
SOURCE FNDS3000 Corp.
http://www.fnds3000.com
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